Government approves three investment projects worth AMD 21.5 billion

The government of Armenia has approved three investment projects with a total value of AMD 21.5 billion (roughly US$44,505,000), acting Minister of Economic Development and Investments, Suren Karayan told reporters after today’s closed-door Cabinet meeting.

One of the projects will be implemented in the wine and brandy production sphere, while the two others – in the light industry sector, creating a total of 475 new jobs.

The official detailed Anitex LLC will particularly operate a textile plant in Artashat, manufacturing fluffy pillows and blankets, while ABC Textile will engage in textile production in the same region, manufacturing towels.

Mr Karayan says these are new branches in Armenia’s light industry sector.

“Those investment projects include both foreign and local investments. Thus, it’s apparent that there is economic activation in the recent period, and we hope that activation will continue in the future,” he said.